Why was risk management not effective in preventing financial institutions from bubbles in the past? 1. Because the emerge of the bubbles were not recognized at all. 2. Because risk managers did not have sufficient authority to stop the nonsense....

Solvency II, Lessons learned from the financial crisis, De Larosière recommendations, Conclusion...

Rating agencies learned their lessons, insurance ratings less affected than other (banks, MBS), insurance ratings will remain an important part of financial markets...until a new black swan emerges...

The IMF and Insurance; Lessons from the crisis; Issues for insurance...

OECD has conducted work on the efficiency of financial regulation over the last several years. Committee on Financial Markets (CMF) and Insurance and Private Pensions Committee (IPPC). Perception of overregulation in financial sector...

Rapid MMoU implementation directly feeds into IAIS work on financial stability. The current financial crisis has prompted the work on group-wide supervision and in particular the acceleration of implementation of MMoU...

Former CEIOPS Intermediaries Expert Group, CEIOPS Committee on Consumer Protection, Conclusions of the De Larosière Report, Lessons learned from the crisis...

background; financial services and regulation; trade agreements and the regulatory interface; current crisis and its implications; potential lessons for reform...

Trade in Financial Services:• Highly regulated sector• Sector opened in last quarter of 20thcentury• Some sub-sectors operate on aglobal basis• Market share of foreign-ownedinsurance companies in Europe 41%,Latin America 47% and Asia 12%...

1. The Triple D recession will persis in 2009 - financial institution losses will continue to mount as global growth slows. 2. Policy responses, led by the US, are massive and unorthodox - previous monetary and fiscal policy rules will be broken...